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Eva Rosenberg , an enrolled agent who maintains the site, warns of a common downside she sees in states like New York and California, where prices have risen a good bit. People borrow towards their houses, spending the cash and draining the fairness. Then, when they promote and obtain, say, $50,000 after repaying their mortgage and home fairness loans , they suppose that’s their capital gain. However it is not, and sometimes their tax bill is actually a lot greater than that $50,000.
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